GreenPointe Communities buys Quay land for future development

BUYER: Quay Venture LLC, Jacksonville
SELLER: National Asset Sarasota LLC
PROPERTY: 33 N. Tamiami Trail, Sarasota
PRICE: $27 million
PREVIOUS PRICE: $37 million, January 2004
LAW FIRM ON DEED: Stroock & Stroock & Lavan LLP, Miami

PLANS, DESCRIPTION:
GreenPointe Communities, a subsidiary of GreenPointe Holdings, purchased the 14.54-acre former Sarasota Quay land for $27 million.

The price equated to $1.86 million per acre.
The property, which previously held a large retail and office development on U.S. 41 near Fruitville Road, was demolished by Irish American Management Services Limited LLC to create a mixed-use development of 700 condominium units, a hotel and restaurant and office space. That project, a victim of the real estate collapse and recession, never materialized, and Anglo Irish Bank Corp. Limited foreclosed on it in August 2013.